Financial Services Industry
Industry: Email Alert RSS FeedInvestment Banking: Brain Drain
US Banker, March, 2003 by Matthew Miller
As brokerage and investment banking talent hits the bricks, is Wall Street losing its smarts? The downsizing of Wall Street has not been a simple exercise in trimming redundant back-office functions. Highly esteemed economists, dealmakers and research analysts have been among those shown the door over the past year. And short of an economic miracle, the carnage is expected to continue.
It's not been a pretty picture, and it's not expected to get any rosier any time soon. The U.S. securities industry cut 78,500 jobs between April 2001 and December 2002, according to the Bureau of Labor Statistics. Officials at many investment banks and brokerage firms say more cuts are on the way.
With all of this talent heading out the door, one would think Wall Street was in the...
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